After taking a crushing hit earlier, the Turkish lira is now higher on the day in an unprecedented day of volatility -- even by the lira's standards.
USDTRY daily
The news today wasn't exactly good as USD-demoninated debt crashed at the fastest pace since March after Erdogan cited religion as a reason for lowering rates. The lira had fallen more than 11% intraday as well. Along with that, Erdogan also pledged to cut corporate taxes by 1%.
Whatever the catalyst, the chart is flashing an important signal today with a bearish outside reversal after a blow-off top.
